German exports post biggest decline in 10 months

German exports posted their biggest fall in nearly a year in March and imports also fell, narrowing the trade surplus in Europe’s largest economy and confirming that trade was a drag on growth at the start of 2014.

Figures from the Federal Statistics Office showed seasonally-adjusted exports slipped 1.8 per cent on the month, their second consecutive fall, and imports dipped 0.9 per cent, pushing the trade surplus down to €14.8 billion .

The consensus forecast in a Reuters poll of economists had been for shipments abroad to rise by 1 per cent and for imports to increase by 0.5 per cent.

The seasonally adjusted trade balance compared with a surplus of €15.8 billion in February.